Classification by paywithRING on challenges and opportunities of implementing open banking systems.
Banking plays a significant role in facilitating credit and payments. Banks are one of the primary sources of credit for individuals and businesses. They provide loans, credit cards, and other forms of credit to borrowers, which helps them to finance their purchases, investments, and business activities. Banks use various criteria, such as credit scores, income, and collateral, to evaluate borrowers and determine their creditworthiness. Banks also provide payment services that enable individuals and businesses to transfer funds between accounts, make payments, and receive payments. However, an open banking system has grown with the rise in the number of non-banking partners or non-banking financial institutions in the banking and financial sector. Let us know more about the open banking system and the key opportunities and challenges of implementing an open banking system, as described by paywithRING - an online payments service provider that offers credit with a flexible paywithRINGcr...